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Suffolk County, NY Outlook Revised To Negative Due To Weakened Finances; 'AA' Rating Affirmed May 11
Standard & Poors, May 2011
NEW YORK (Standard & Poor's) May 16, 2011--Standard & Poor's Ratings Services said it revised to negative from stable its outlook on Suffolk County, N.Y., and affirmed the 'AA' long-term rating on the county's general obligation (GO) bonds. At the same time, we assigned an 'AA' rating and negative outlook to the county's series 2011A public improvement bonds. "The outlook revision reflects a continued deterioration in the county's financial position due to a significant reduction in reserves," said Standard & Poor's credit analyst Kate Hackett. The 'AA' rating reflects the county's: Fundamentally strong and diverse economy and its easy access to the New York City metropolitan area; Substantial tax base despite recent declines; Strong wealth and income levels; and Moderate...
Companies mentioned in this report are: Suffolk Cnty
Action: Outlook: Negative
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Research type: News
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